What is Web3 and what is its role in NFT?

Web3 (or Web 3.0) will revolutionize the way we use the Internet by integrating decentralization via blockchain technology. Some believe it will change the Internet the way Bitcoin (BTC) and other cryptocurrencies have changed the financial paradigm. To understand Web3, it helps to understand Web1 and Web2:

Web1 (or Web 1.0) It is what we now call the early days of the Internet. Web1 allows you to consume internet content, but little else. Internet sites were static and non-interactive; You can only send simple one-way messages or emails. Companies started building their websites, but in large part it was a glorified press release; It was not a way to interact with the audience.

In this way, one can compare Web1 to an actual newspaper. Consisting of paper and ink, you are merely a consumer of the content. There’s no way to know how popular an article is or who is reading it – and you can’t interact with other readers.

Web2 (or Web 2.0) It is what most people simply think of as the current internet. Web2 is interactive and allows you to create your own content, comment and respond to content, and interact with other users. This made it possible to create social media networks and other interactive websites such as Facebook, Twitter, Reddit, etc. Using the previous comparison, you can think of Web2 as a newspaper going to a website that allows you to interact in a way that was previously not possible.

Web 3 It is a response to concerns about the use of personal data and Internet privacy. In Web2, user data is largely controlled by social media platforms, browsers, and major websites. On the contrary, Web3 is designed to be a more transparent and censorship-resistant version of the Internet. It is more democratic than its predecessor Web2, giving people control over the Internet’s structure and user data.

Using blockchain-based protocols combined with AI,

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Web3 is a decentralized version of the Internet that allows users to own their private data.

Furthermore, Web3 embraces the ethos of encryption and is designed to be permissionless (no central gatekeepers), non-trusted (no need to trust third parties) and open-ended (little or no oversight over individuals/ideas).

NFT and Web3

Non-fungible tokens (NFTs) have several properties of the blockchain that make them useful and amenable to Web3 integration. As tokens unique to the blockchain, NFTs allow you to transparently provide proof of ownership for things like digital art, music, data, in-game assets, personal records, and more.

Some social media platforms now have NFT verification systems that allow you to use a crypto wallet to prove ownership of the NFT – and use it as your profile picture (PFP). Additionally, NFTs allow you to control your digital identity and can also give you membership and voting rights. For example, an NFT might allow you to vote on where charitable funds are directed, how the blockchain works, or even change the characteristics of the NFT platform itself (such as the artists featured and the fees charged).

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NFT use cases continue to expand; You can even use it to create website domains 3

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When you register or sell a Web2 address such as “examplezyx.com”, you usually pay a third party to provide these services. Web2 uses a central database called Domain Name Service (DNS). Decentralized Web3 domain options such as Crypto Name Service (CNS) and Ethereum Name Service (ENS) allow you to connect your domain to a crypto wallet to accept cryptocurrency. You can even trade your Web3 domain on the NFT Market – like any other NFT.

The deep overlap between NFTs and Web3 is expanding what is possible on the Internet through promises of decentralization. It is likely that NFT and cryptography will become ubiquitous on the Internet to take advantage of the above opportunities – and solutions yet to be developed that will make the transition from Web2 to Web3 more dramatic than the migration from Web1 to Web2.

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